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What is a Capital Asset for Income Tax purposes

What is a Capital Asset for Income Tax Purposes [Section 2(14)]?

Capital Asset means property of any kind but excludes:

  1. Stock-in-trade: All goods and commodities help for commercial activities.
  2. Personal effects: Any article held for personal use by the tax-payer or any dependent family member. It includes clothes, furniture, vehicle, utensils etc.
  3. Agriculture Land in India (Rural Agricultural Land).
  4. Specified Gold Bonds, Specified special Bearer Bonds, Specified Gold Deposits Bonds. However, these instruments do not exist now.
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